Singapore HDB resale prices to rise by up to 5% this year

This is comparable to the increase in 2023.

Demand from first-time homebuyers and private homeowners in Singapore who are downsizing from private properties may continue to prop up prices of HDB resale flats. According to OrangeTee, demand for resale flats, particularly in popular locations, such as mature estates or near amenities like schools, public transportation, and shopping malls remains strong. 

Here’s more from OrangeTee:

Moreover, the limited supply of flats in some locations is likely to keep prices stable or even trend higher in the upcoming years. For example, the number of flats that have reached their five-year Minimum Occupation Period (MOP) has decreased from 30,920 units in 2022 to 15,549 units in 2023. It is projected to drop further in 2024 to 11,952 units, which means that there will be fewer flats available for resale. 

However, competition in the housing market may increase in the latter half of this year with the launch of the new Plus flats by the government. Although these flats come with stricter buying and selling restrictions and a longer minimum occupation period of ten years, their good location may attract some first-time buyers. 

Taking various factors into consideration, it is expected that resale prices may rise moderately by up to 5 per cent in 2024. This increase is comparable to, or slightly lower than, the 4.9 per cent growth observed in 2023.